LHYAX | High Yield Fund Class A | Lord Abbett
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High Yield Fund

Daily price w/o sales charge as of 10/22/2021

$7.56

$0.00

YTD Returns w/o sales charge as of 10/22/2021

5.84%

Overall Morningstar Ratings

High Yield Bond
as of 09/30/2021

Morningstar rated the Lord Abbett High Yield Fund class A share 2, 3 and 5 stars among 630, 552 and 358 High Yield Bond Funds for the overall rating and the 3, 5 and 10 year periods ended 9/30/2021, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

 

Yield

Dividend Yield 1 as of 10/22/2021  

w/o sales charge 4.61%
w/ sales charge 4.51%

30-Day Standardized Yield 2 as of 09/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.42% 3.41%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 09/30/2021

Fund Basicsas of 09/30/2021

Total Net Assets
$7.49 B
Inception Date
12/31/1998
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
750
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 5.55% 13.07% 5.88% 5.91% 7.53% 6.75%
Lipper Category Avg. High Yield Funds 4.51% 10.91% 5.99% 5.63% 6.36% -
ICE BofA U.S. High Yield Constrained Index 4.68% 11.46% 6.59% 6.34% 7.29% 6.80%
w/ sales charge 3.19% 10.55% 5.09% 5.44% 7.28% 6.64%

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 5.55% 13.07% 5.88% 5.91% 7.53% 6.75%
Lipper Category Avg. High Yield Funds 4.51% 10.91% 5.99% 5.63% 6.36% -
ICE BofA U.S. High Yield Constrained Index 4.68% 11.46% 6.59% 6.34% 7.29% 6.80%
w/ sales charge 3.19% 10.55% 5.09% 5.44% 7.28% 6.64%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.

U.S. High Yield: Navigating Through the Volatility
March 31, 2020

Lord Abbett experts assess the challenges—and opportunities—they’re finding in today’s U.S. high yield market.

Type Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 09/30/2021 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Karen J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

8 Years of Industry Experience

Supported By 63 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 10/22/2021  

w/o sales charge 4.61%
w/ sales charge 4.51%

30-Day Standardized Yield 2 as of 09/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.42% 3.41%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 5.55% 13.07% 5.88% 5.91% 7.53% 6.75%
Lipper Category Avg. High Yield Funds 4.51% 10.91% 5.99% 5.63% 6.36% -
ICE BofA U.S. High Yield Constrained Index 4.68% 11.46% 6.59% 6.34% 7.29% 6.80%
w/ sales charge 3.19% 10.55% 5.09% 5.44% 7.28% 6.64%

Fund Expense Ratio :

0.90%

Fund Expense Ratio :

0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 5.55% 13.07% 5.88% 5.91% 7.53% 6.75%
Lipper Category Avg. High Yield Funds 4.51% 10.91% 5.99% 5.63% 6.36% -
ICE BofA U.S. High Yield Constrained Index 4.68% 11.46% 6.59% 6.34% 7.29% 6.80%
w/ sales charge 3.19% 10.55% 5.09% 5.44% 7.28% 6.64%

Fund Expense Ratio :

0.90%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2020 4.49% 6.07%
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% 7.41%
2012 16.50% 15.55%
2011 3.15% 4.37%
2010 14.31% -
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
2003 21.59% -
2002 -0.10% -
2001 5.36% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.73% 3.11% 0.63% - 5.87%
2020 -16.65% 10.72% 5.69% 7.13% 4.49%
2019 7.50% 3.77% 0.28% 2.86% 15.07%
2018 -1.07% -0.04% 2.54% -6.47% -5.15%
2017 2.82% 1.98% 2.45% 1.00% 8.50%
2016 2.01% 5.52% 5.46% 2.05% 15.84%
2015 3.05% 0.86% -4.23% -1.81% -2.26%
2014 2.92% 3.38% -1.83% -0.95% 3.46%
2013 3.97% -1.03% 2.51% 3.99% 9.69%
2012 6.63% 0.36% 5.06% 3.61% 16.50%
2011 3.82% 1.07% -7.02% 5.73% 3.15%
2010 4.93% -0.92% 6.33% 3.40% 14.31%
2009 5.95% 17.32% 14.23% 6.01% 50.51%
2008 -3.43% 1.99% -7.81% -15.68% -23.42%
2007 2.98% 0.17% 0.48% -1.17% 2.43%
2006 2.57% 0.01% 2.80% 4.27% 9.94%
2005 -1.74% 1.49% 0.87% 0.56% 1.15%
2004 1.07% -0.32% 4.34% 5.04% 10.42%
2003 4.06% 8.25% 2.40% 5.41% 21.59%
2002 1.51% -3.59% -3.78% 6.10% -0.10%
2001 5.14% -1.67% -3.99% 6.15% 5.36%
2000 -1.66% 0.99% 0.31% -2.65% -3.01%
1999 3.43% -0.11% -0.81% 3.99% 6.57%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 07/31/2021

The chart begins on the Fund's inception date of 12/31/1998.

Based on a hypothetical Class A share investment of $10,000 on 12/31/1998 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 09/30/2021

Rating Assets
A
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 06/30/2021

  • Throughout the quarter, we increased the portfolio’s energy allocation and it became the largest overweight position. The sector should benefit from the ongoing global economic recovery and increased consumer activity. While the portfolio’s largest underweight subsector remained the gas distribution subsector, the portfolio’s largest overweight subsector was exploration and production (E&P) by a significant margin. Exposure to E&P primarily was in BB securities issued by larger, well-capitalized operators that we believe are best positioned to be rewarded as potential rising stars over the coming year(s). However, we continued to add selectively to mid/low B-rated and CCC-rated energy credits over the last few months, which continued into June. This strategy primarily reflected attractive relative valuations as lower quality credit tiers outperformed higher quality tiers within the high yield cohort. Energy is also supported by a positive outlook in commodities highlighted by the recent surge in the WTI Crude Index past $70 per barrel. Looking forward, we expect to continue building on the portfolio’s position in the energy sector through lower credit securities, while implementing our sell discipline to trim the portfolio’s exposure to winners within the sector as the market recognizes their value. We are still constructive on the sector as we believe it is supported by solid growth and a positive earnings outlook with low projected default rates. We also continue to look for ESG-friendly opportunities within energy, specifically with respect to low-carbon and alternative energy sources.
  • We remained constructive on the leisure sector as it finished the quarter as the portfolio’s second largest overweight position. The portfolio’s allocation to leisure had primarily been in regional gaming credits with the gaming industry benefitting from increased consumer demand. Regional gaming, particularly casinos, also benefitted as they are typically less reliant on ‘fly-in’ customers and workweek business conferences, both of which are a larger part of the industry in international gaming centers such as Las Vegas. While gaming is the largest subsector overweight in the portfolio within leisure, we gradually added to other areas over the quarter including theaters, hotels and airlines which are all related to our reopening trades and should continue to benefit from further economic reopening. However, we discontinued adding to this sector towards the end of June due to the increased relative valuation associated with these securities.
  • While most sector positions remained stable over the quarter, we notably reduced the portfolio’s allocation to the basic industry sector. Specifically, we have capitalized on some of the portfolio’s positions in builders and building products due to increased relative valuations. Towards the tail end of the quarter, we reduced securities in subsectors such as metals and mining and trimmed the portfolio’s holdings that were associated with the reflationary trade from previous months.
  • The telecommunications sector remained the portfolio’s largest underweight as we have continued to target more cyclical credits that are associated with economic recovery. The industry also continued to struggle with secular issues with traditional wireline companies particularly at risk as their customer base continued to erode. Meanwhile, in our view, the wireless subsector within telecommunications remained fully valued.
  • We continue to have a broadly constructive view on high yield credit while also acknowledging that current spread levels are now marginally tighter than their pre-COVID levels. The portfolio is positioned for modest spread compression going forward, with a skew towards lower rated segments of the market. Call constraints are placing an upside limit on price appreciation more so in BBs and Bs, relative to CCCs, exacerbated by the recent rally in benchmark yields. As a result, we see a return profile potentially driven by carry in 2H21. We continue to be active in the new issue market given positive convexity opportunities there, while monitoring for the emergence of negative trends in underwriting quality. We expect another record year of issuance in the high yield market, but believe technicals will remain favorable as we see up to 10% of the face value of the high yield market transitioning to investment grade over the coming 12-18 months, and activity remaining skewed to refinancing, all amidst a global dearth of yield in fixed income.
  • We believe the current economic landscape is a favorable environment for high yield issuers supported by solid economic growth (albeit likely to peak on a y/y basis in Q2) and a positive earnings outlook with low projected default rates.  Using the approach of looking to the distress ratio as a guide, we estimate default loss over the coming 12 months of approximately 1% or less, falling from a peak of over 6% in late 2020. Additionally, the pace of upgrades has been meaningfully larger than the pace of downgrades. We believe the declining intensity in the default cycle over time along with the uplift in credit quality are key ingredients that further support our continued positive outlook on the U.S. high yield bond sector broadly. We also continue to see modest upside in select fallen angels, many of which we believe should regain investment grade status over the coming year or two.
  • The Fund’s positioning currently reflects this overall risk posture which has continued to take advantage of reflationary themes in the economy, with overweights in energy, leisure, basic industry and retail. While investor tilts over the last 6 months make this stance far less of an out of consensus view than when we had set them in 2020, valuations suggest positioning is not yet fully reflective of the fuller broadening of investor support we expect to come in these sectors.
  • The Fund maintained modest allocations to out-of-index sectors, such as bank loans, convertibles, and investment grade bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.

Portfolio Details as of 09/30/2021

Total Net Assets
$7.49 B
Number of Issues
750
Average Coupon
5.57%
Average Maturity
7.53 Years
Average Effective Duration
4.24 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Sprint Capital Corp 6.875% 11/15/2028 1.2%
Ford Motor Co 9.000% 04/22/2025 1.0%
Occidental Petroleum Corp 6.125% 01/01/2031 0.7%
Kraft Heinz Foods Co 4.375% 06/01/2046 0.7%
Kraft Heinz Foods Co 4.875% 10/01/2049 0.7%
Netflix Inc 4.625% 05/15/2029 0.6%
CCO Holdings LLC / CCO Holdings Capital Corp 4.750% 03/01/2030 0.5%
Centennial Resource Production LLC 5.375% 01/15/2026 0.5%
Matador Resources Co 5.875% 09/15/2026 0.4%
FMG Resources August 2006 Pty Ltd 4.500% 09/15/2027 0.4%
% of Total Assets 6.7%
Holding Coupon Maturity Assets
Sprint Capital Corp6.875% 11/15/20281.2%
Ford Motor Co9.000% 04/22/20251.0%
Occidental Petroleum Corp6.125% 01/01/20310.7%
Kraft Heinz Foods Co4.375% 06/01/20460.7%
Kraft Heinz Foods Co4.875% 10/01/20490.7%
Netflix Inc4.625% 05/15/20290.6%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.5%
FMG Resources August 2006 Pty Ltd4.500% 09/15/20270.5%
TransDigm Inc5.500% 11/15/20270.4%
Ford Motor Co4.750% 01/15/20430.4%
Matador Resources Co5.875% 09/15/20260.4%
Netflix Inc4.875% 06/15/20300.4%
MEG Energy Corp7.125% 02/01/20270.4%
Continental Resources Inc/OK5.750% 01/15/20310.4%
Ford Motor Co7.450% 07/16/20310.4%
Freeport-McMoRan Inc4.250% 03/01/20300.4%
Centennial Resource Production LLC5.375% 01/15/20260.4%
CHS/Community Health Systems Inc6.125% 04/01/20300.4%
Navient Corp6.750% 06/25/20250.4%
Murphy Oil Corp5.875% 12/01/20270.4%
American Airlines Inc11.750% 07/15/20250.4%
EQT Corp6.625% 02/01/20250.4%
CHS/Community Health Systems Inc4.750% 02/15/20310.4%
Caesars Entertainment Inc8.125% 07/01/20270.3%
Freeport-McMoRan Inc5.250% 09/01/20290.3%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.3%
Laredo Petroleum Inc10.125% 01/15/20280.3%
Carnival Corp11.500% 04/01/20230.3%
Bath & Body Works Inc6.875% 11/01/20350.3%
Apache Corp4.375% 10/15/20280.3%
HCA Inc5.875% 02/01/20290.3%
Western Midstream Operating LP5.300% 02/01/20300.3%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.3%
Synovus Financial Corp5.900% 02/07/20290.3%
Virgin Media Secured Finance plc5.500% 05/15/20290.3%
Tenet Healthcare Corp6.125% 10/01/20280.3%
Crowdstrike Holdings Inc3.000% 02/15/20290.3%
Centene Corp2.500% 03/01/20310.3%
Newell Brands Inc5.875% 04/01/20360.3%
OneMain Finance Corp4.000% 09/15/20300.3%
Twilio Inc3.625% 03/15/20290.3%
Centene Corp3.000% 10/15/20300.3%
Churchill Downs Inc4.750% 01/15/20280.3%
Toll Brothers Finance Corp4.350% 02/15/20280.3%
Contura Energy Inc10.000% 06/14/20240.3%
Mohegan Gaming & Entertainment8.000% 02/01/20260.3%
Bombardier Inc7.125% 06/15/20260.3%
Viper Energy Partners LP5.375% 11/01/20270.3%
GS Mortgage Securities Corp Trust 2021-ROSS MZ9.596% 06/15/20260.3%
DISH DBS Corp7.750% 07/01/20260.3%
XPO CNW Inc6.700% 05/01/20340.3%
CIT Group Inc6.125% 03/09/20280.3%
ON Semiconductor Corp3.875% 09/01/20280.3%
Callon Petroleum Co9.000% 04/01/20250.3%
Rocket Mortgage LLC5.250% 01/15/20280.3%
Ovintiv Inc6.500% 02/01/20380.3%
Drive Chassis Holdco LLC7.119% 04/10/20260.2%
Encompass Health Corp4.500% 02/01/20280.2%
Ball Corp2.875% 08/15/20300.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Apache Corp4.750% 04/15/20430.2%
Bausch Health Cos Inc5.250% 01/30/20300.2%
Ovintiv Inc6.500% 08/15/20340.2%
Bath & Body Works Inc6.625% 10/01/20300.2%
Clear Channel Outdoor Holdings Inc7.750% 04/15/20280.2%
Southwestern Energy Co8.375% 09/15/20280.2%
Centene Corp4.625% 12/15/20290.2%
Ulker Biskuvi Sanayi AS6.950% 10/30/20250.2%
Ladder Capital Finance Holdings LLC/Ladder Capital4.250% 02/01/20270.2%
Molina Healthcare Inc3.875% 11/15/20300.2%
Centene Corp3.375% 02/15/20300.2%
Bausch Health Cos Inc5.250% 02/15/20310.2%
Pattern Energy Operations LP / Pattern Energy Oper4.500% 08/15/20280.2%
Great Wolf Trust 2019-WOLF2.828% 12/15/20360.2%
United States Steel Corp6.875% 03/01/20290.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
Apache Corp5.100% 09/01/20400.2%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.2%
Full House Resorts Inc8.250% 02/15/20280.2%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.2%
Diamond Sports Group LLC / Diamond Sports Finance5.375% 08/15/20260.2%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.2%
Peabody Energy Corp.2.938% 03/31/20250.2%
Oceaneering International Inc6.000% 02/01/20280.2%
Air Methods Corp8.000% 05/15/20250.2%
Fontainebleau Miami Beach Trust 2019-FBLU4.095% 12/10/20360.2%
Occidental Petroleum Corp6.450% 09/15/20360.2%
Netflix Inc3.625% 06/15/20300.2%
Tianqi Finco Co Ltd3.750% 11/28/20220.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
Buckeye Partners LP6.375% 01/22/20780.2%
Cenovus Energy Inc5.400% 06/15/20470.2%
Royal Caribbean Cruises Ltd3.700% 03/15/20280.2%
OneMain Finance Corp5.375% 11/15/20290.2%
Novavax Inc3.750% 02/01/20230.2%
Coronado Finance Pty Ltd10.750% 05/15/20260.2%
CommScope Inc7.125% 07/01/20280.2%
Crocs Inc4.250% 03/15/20290.2%
Forestar Group Inc5.000% 03/01/20280.2%
Coeur Mining Inc5.125% 02/15/20290.2%
Braskem Idesa SAPI7.450% 11/15/20290.2%
SM Energy Co6.750% 09/15/20260.2%
Tenneco Inc5.000% 07/15/20260.2%
Match Group Holdings II LLC4.125% 08/01/20300.2%
Team Health Holdings Inc6.375% 02/01/20250.2%
Transocean Guardian Ltd5.875% 01/15/20240.2%
Michaels Cos Inc/The7.875% 05/01/20290.2%
Sealed Air Corp6.875% 07/15/20330.2%
LogMeIn Inc5.500% 09/01/20270.2%
Acadia Healthcare Co Inc5.000% 04/15/20290.2%
Hawaiian Brand Intellectual Property Ltd / Hawaiia5.750% 01/20/20260.2%
Gulfport Energy Operating Corp8.000% 05/17/20260.2%
LBM Acquisition LLC6.250% 01/15/20290.2%
Northriver Midstream Finance LP5.625% 02/15/20260.2%
CSMC 2021-BPNY3.810% 08/15/20230.2%
California Resources Corp7.125% 02/01/20260.2%
Range Resources Corp4.875% 05/15/20250.2%
SCIH Salt Holdings Inc6.625% 05/01/20290.2%
Apollo Commercial Real Estate Finance Inc4.625% 06/15/20290.2%
Texas Capital Bancshares Inc4.000% 05/06/20310.2%
Netflix Inc3.625% 05/15/20270.2%
American Airlines Group Inc3.750% 03/01/20250.2%
Switch Ltd3.750% 09/15/20280.2%
JP Morgan Chase Commercial Mortgage Securities Tru3.946% 03/15/20360.2%
Precision Drilling Corp7.125% 01/15/20260.2%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.2%
PHH Mortgage Corp7.875% 03/15/20260.2%
Carnival Corp9.875% 08/01/20270.2%
HCRX Investments Holdco LP4.500% 08/01/20290.2%
MEG Energy Corp5.875% 02/01/20290.2%
Limak Iskenderun Uluslararasi Liman Isletmeciligi9.500% 07/10/20360.2%
Delta Air Lines Inc / SkyMiles IP Ltd4.750% 10/20/20280.2%
Travel + Leisure Co6.625% 07/31/20260.2%
Navient Corp6.125% 03/25/20240.2%
Midcap Financial Issuer Trust6.500% 05/01/20280.2%
Resideo Funding Inc4.000% 09/01/20290.2%
Apache Corp4.625% 11/15/20250.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Topgolf International, Inc.7.339% 02/09/20260.2%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.2%
Ally Financial Inc4.700% 08/15/21990.2%
Twilio Inc3.875% 03/15/20310.2%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.2%
TerraForm Power Operating LLC4.750% 01/15/20300.2%
Affinity Gaming6.875% 12/15/20270.2%
Mueller Water Products Inc4.000% 06/15/20290.2%
BFLD 2019-DPLO2.636% 10/15/20340.2%
CIFC Funding 2021-III Ltd3.148% 07/15/20360.2%
Sylvamo Corp7.000% 09/01/20290.2%
CQP Holdco LP / BIP-V Chinook Holdco LLC5.500% 06/15/20310.2%
Belo Corp7.250% 09/15/20270.2%
HCA Inc5.500% 06/15/20470.2%
HAT Holdings I LLC / HAT Holdings II LLC3.375% 06/15/20260.2%
Radiology Partners Inc9.250% 02/01/20280.2%
MercadoLibre Inc2.375% 01/14/20260.2%
Nabors Industries Ltd7.250% 01/15/20260.2%
Spirit AeroSystems Inc4.600% 06/15/20280.2%
Mileage Plus Holdings LLC / Mileage Plus Intellect6.500% 06/20/20270.2%
Royal Caribbean Cruises Ltd9.125% 06/15/20230.2%
OCP CLO 2021-21 Ltd3.081% 07/20/20340.2%
HAT Holdings I LLC / HAT Holdings II LLC3.750% 09/15/20300.2%
HLF Financing Sarl LLC / Herbalife International I4.875% 06/01/20290.2%
Buckeye Partners LP3.950% 12/01/20260.2%
Alcoa Nederland Holding BV4.125% 03/31/20290.2%
Hunt Cos Inc5.250% 04/15/20290.2%
Guitar Center Inc8.500% 01/15/20260.2%
Ardonagh Midco 2 PLC11.500% 01/15/20270.2%
Canary Wharf Group Investment Holdings PLC3.375% 04/23/20280.2%
Live Nation Entertainment Inc3.750% 01/15/20280.2%
Delta Air Lines Inc7.000% 05/01/20250.2%
Patterson-UTI Energy Inc3.950% 02/01/20280.2%
Carnival Corp4.000% 08/01/20280.2%
Northwest Fiber LLC / Northwest Fiber Finance Sub10.750% 06/01/20280.2%
DaVita Inc3.750% 02/15/20310.2%
Compass Minerals International, Inc.6.750% 12/01/20270.2%
EQT Corp7.500% 02/01/20300.2%
Comstock Resources Inc5.875% 01/15/20300.2%
Tesla Inc2.000% 05/15/20240.2%
Tri Pointe Homes Inc5.250% 06/01/20270.2%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.875% 03/01/20310.2%
Sabre GLBL Inc9.250% 04/15/20250.2%
Triumph Group Inc7.750% 08/15/20250.2%
Enterprise Develop Auth5.000% 02/19/20280.2%
Occidental Petroleum Corp3.500% 08/15/20290.2%
Party City Holdings Inc8.750% 02/15/20260.2%
Intertape Polymer Group Inc4.375% 06/15/20290.2%
Credit Suisse Group AG7.250% 03/12/21990.2%
Navient Corp6.750% 06/15/20260.2%
Texas Capital Bank NA5.250% 01/31/20260.2%
Colgate Energy Partners III LLC5.875% 07/01/20290.2%
Sri Lanka Government International Bond5.875% 07/25/20220.2%
International Game Technology plc5.250% 01/15/20290.2%
United States Steel Corp6.650% 06/01/20370.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
Netflix Inc3.875% 11/15/20290.2%
AG Issuer LLC6.250% 03/01/20280.2%
Indigo Natural Resources LLC5.375% 02/01/20290.2%
Freeport-McMoRan Inc5.450% 03/15/20430.2%
MSCI Inc3.875% 02/15/20310.2%
Coinbase Global Inc0.500% 06/01/20260.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
Square Inc3.500% 06/01/20310.2%
Bristow Group Inc6.875% 03/01/20280.2%
Southwestern Energy Co6.450% 01/23/20250.2%
Entegris Inc3.625% 05/01/20290.2%
ASP Unifrax Holdings Inc3.897% 11/05/20250.2%
Fair Isaac Corp5.250% 05/15/20260.2%
Ingevity Corp3.875% 11/01/20280.2%
Bahamas Government International Bond8.950% 10/15/20320.2%
Levi Strauss & Co3.500% 03/01/20310.2%
Mong Duong Finance Holdings BV5.125% 05/07/20290.2%
Azul Investments LLP7.250% 06/15/20260.2%
VistaJet Malta Finance PLC / XO Management Holding10.500% 06/01/20240.2%
MC Brazil Downstream Trading SARL7.250% 06/30/20310.2%
Pentair PLC0.000% -0.1%
HubSpot Inc0.375% 06/01/20250.1%
Mattel Inc5.450% 11/01/20410.1%
US Renal Care Inc10.625% 07/15/20270.1%
Ccs-Cmgc Holdings Inc5.585% 10/01/20250.1%
National CineMedia LLC5.875% 04/15/20280.1%
Pactiv LLC7.950% 12/15/20250.1%
Victors Merger Corp6.375% 05/15/20290.1%
Alliance Data Systems Corp4.750% 12/15/20240.1%
Frontier Communications Holdings LLC5.875% 10/15/20270.1%
Pike Corp5.500% 09/01/20280.1%
Dycom Industries Inc4.500% 04/15/20290.1%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/06/20310.1%
H&E Equipment Services Inc3.875% 12/15/20280.1%
Square Inc0.125% 03/01/20250.1%
Urban One Inc7.375% 02/01/20280.1%
BCP Raptor II LLC4.835% 10/22/20250.1%
IIP Operating Partnership LP5.500% 05/25/20260.1%
Anastasia Beverly Hills3.897% 08/11/20250.1%
TransDigm Inc4.625% 01/15/20290.1%
MGM Resorts International5.500% 04/15/20270.1%
Hecla Mining Co7.250% 02/15/20280.1%
Victoria's Secret & Co4.625% 07/15/20290.1%
MGM Resorts International4.625% 09/01/20260.1%
Turning Point Brands Inc5.625% 02/15/20260.1%
PetSmart Inc / PetSmart Finance Corp4.750% 02/15/20280.1%
Independence Energy Finance LLC7.250% 05/01/20260.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.250% 11/01/20280.1%
Oasis Midstream Partners LP / OMP Finance Corp8.000% 04/01/20290.1%
Hudbay Minerals Inc4.500% 04/01/20260.1%
TransJamaican Highway Ltd5.750% 10/10/20360.1%
Akumin Inc7.000% 11/01/20250.1%
BEP Ulterra Holdings Inc.5.335% 11/26/20250.1%
Uber Technologies Inc4.500% 08/15/20290.1%
Hudbay Minerals Inc6.125% 04/01/20290.1%
Atlassian Inc0.625% 05/01/20230.1%
Block Communications Inc4.875% 03/01/20280.1%
Miller's Ale House, Inc.4.837% 05/30/20250.1%
Tullow Oil plc10.250% 05/15/20260.1%
Vista Outdoor Inc4.500% 03/15/20290.1%
Laredo Petroleum Inc7.750% 07/31/20290.1%
Rent-A-Center Inc/TX6.375% 02/15/20290.1%
Brazos Delaware II, LLC4.088% 05/21/20250.1%
Repligen Corp0.375% 07/15/20240.1%
Macquarie Bank Ltd/London6.125% 09/08/21990.1%
Claros Mortgage Trust Inc.6.000% 08/05/20260.1%
DPL Inc4.125% 07/01/20250.1%
Fair Isaac Corp4.000% 06/15/20280.1%
SCF Preferred Equity LLC7.500% 10/16/21990.1%
Kosmos Energy Ltd7.500% 03/01/20280.1%
Wynn Resorts Finance LLC / Wynn Resorts Capital Co5.125% 10/01/20290.1%
Buckeye Partners LP4.125% 12/01/20270.1%
Chemours Co/The5.375% 05/15/20270.1%
Symphony Finance Sub Llc5.500% 08/03/20280.1%
VICI Properties LP / VICI Note Co Inc4.125% 08/15/20300.1%
Melco Resorts Finance Ltd5.750% 07/21/20280.1%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.750% 04/20/20290.1%
Alta Equipment Group Inc5.625% 04/15/20260.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Dana Inc4.250% 09/01/20300.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Park River Holdings Inc6.750% 08/01/20290.1%
Macy's Retail Holdings LLC5.875% 04/01/20290.1%
Antero Resources Corp7.625% 02/01/20290.1%
Lions Gate Capital Holdings LLC5.500% 04/15/20290.1%
Investment Energy Resources Ltd6.250% 04/26/20290.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
Trinseo Materials Operating SCA5.125% 04/01/20290.1%
Dick's Sporting Goods Inc3.250% 04/15/20250.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
PetSmart Inc / PetSmart Finance Corp7.750% 02/15/20290.1%
Occidental Petroleum Corp4.100% 02/15/20470.1%
Lithia Motors Inc3.875% 06/01/20290.1%
Carvana Co5.500% 04/15/20270.1%
Party City Holdings Inc6.625% 08/01/20260.1%
Jefferson Capital Holdings LLC6.000% 08/15/20260.1%
Global Atlantic Fin Co4.700% 10/15/20510.1%
Carvana Co5.625% 10/01/20250.1%
EPR Properties4.500% 04/01/20250.1%
Signa Development Finance SCS5.500% 07/23/20260.1%
Qorvo Inc4.375% 10/15/20290.1%
Workday Inc0.250% 10/01/20220.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Cleveland-Cliffs Inc4.875% 03/01/20310.1%
Comstock Resources Inc6.750% 03/01/20290.1%
Madison IAQ LLC5.875% 06/30/20290.1%
Diamondback Energy Inc3.500% 12/01/20290.1%
EQT Corp5.000% 01/15/20290.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
Wendy's International LLC7.000% 12/15/20250.1%
Magenta Buyer Llc5.750% 04/29/20280.1%
Colgate Energy Partners III LLC7.750% 02/15/20260.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
TK Elevator US Newco Inc5.250% 07/15/20270.1%
Solaris Midstream Holdings LLC7.625% 04/01/20260.1%
US Acute Care Solutions LLC6.375% 03/01/20260.1%
Robertshaw US Holding Corp. (fka Fox US Bidco Corp4.250% 02/28/20250.1%
Fortress Transportation and Infrastructure Investo5.500% 05/01/20280.1%
Park Intermediate Holdings LLC / PK Domestic Prope5.875% 10/01/20280.1%
Range Resources Corp5.000% 03/15/20230.1%
Array Technologies Inc3.750% 10/07/20270.1%
Golden Goose SpA4.875% 05/14/20270.1%
Douglas GmbH6.000% 04/08/20260.1%
Arcline Fm Holdings LLC5.500% 06/17/20280.1%
IMA Industria Macchine Automatiche SpA3.750% 01/15/20280.1%
Carnival Corp5.750% 03/01/20270.1%
Advisor Group Holdings Inc10.750% 08/01/20270.1%
Alcoa Corp0.000% -0.1%
NOVA Chemicals Corp4.250% 05/15/20290.1%
Range Resources Corp8.250% 01/15/20290.1%
Ford Motor Co9.625% 04/22/20300.1%
Hightower Holding LLC6.750% 04/15/20290.1%
TMS International Corp/DE6.250% 04/15/20290.1%
Aston Martin Capital Holdings Ltd.10.500% 11/30/20250.1%
Jaguar Land Rover Automotive plc4.500% 10/01/20270.1%
Air Lease Corp4.650% 06/15/21990.1%
Atlas Cc Acquisition Corp5.000% 04/29/20280.1%
CrownRock LP / CrownRock Finance Inc5.000% 05/01/20290.1%
Arcosa Inc4.375% 04/15/20290.1%
Midwest Gaming Borrower LLC / Midwest Gaming Finan4.875% 05/01/20290.1%
Bausch Health Cos Inc5.000% 02/15/20290.1%
Promontoria Holding 264 BV6.750% 08/15/20230.1%
SM Energy Co5.625% 06/01/20250.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
Sunnova Energy Corp5.875% 09/01/20260.1%
United Airlines 2020-1 Class A Pass Through Trust5.875% 10/15/20270.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
Bain Capital Credit CLO 2021-2 Ltd3.278% 07/16/20340.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC5.125% 04/15/20290.1%
New Home Co Inc/The7.250% 10/15/20250.1%
Ford Motor Co6.625% 10/01/20280.1%
Resolute Forest Products Inc4.875% 03/01/20260.1%
Ecl Entertainment Llc8.250% 03/31/20280.1%
Audacy Capital Corp6.500% 05/01/20270.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
Wolverine Escrow LLC8.500% 11/15/20240.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
SM Energy Co6.625% 01/15/20270.1%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd8.000% 09/20/20250.1%
Austin BidCo Inc7.125% 12/15/20280.1%
Callon Petroleum Co6.375% 07/01/20260.1%
Ken Garff Automotive LLC4.875% 09/15/20280.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.1%
Weekley Homes LLC / Weekley Finance Corp.4.875% 09/15/20280.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 02/15/20280.1%
CNX Resources Corp6.000% 01/15/20290.1%
Murphy Oil Corp6.375% 07/15/20280.1%
Scientific Games International, Inc.7.250% 11/15/20290.1%
Stonegate Pub Co Financing 2019 PLC8.000% 07/13/20250.1%
Seaspan Corp5.500% 08/01/20290.1%
Tri Pointe Homes Inc5.700% 06/15/20280.1%
Charles River Laboratories International, Inc.4.000% 03/15/20310.1%
Science Applications International Corp4.875% 04/01/20280.1%
iHeartCommunications Inc4.750% 01/15/20280.1%
Chobani LLC / Chobani Finance Corp Inc4.625% 11/15/20280.1%
Punch Finance PLC6.125% 06/30/20260.1%
JSW Hydro Energy Ltd4.125% 05/18/20310.1%
Windstream Escrow LLC / Windstream Escrow Finance7.750% 08/15/20280.1%
NCL Corp Ltd12.250% 05/15/20240.1%
SVB Financial Group0.000% -0.1%
Insulet Corporation3.750% 04/29/20280.1%
Allison Transmission Inc3.750% 01/30/20310.1%
Yum! Brands Inc5.350% 11/01/20430.1%
Meritor Inc4.500% 12/15/20280.1%
Delta Topco, Inc.8.000% 10/07/20280.1%
Gap Inc/The8.875% 05/15/20270.1%
Associated Asphalt Partners, LLC6.250% 04/05/20240.1%
Boyd Gaming Corp4.750% 12/01/20270.1%
Ashland LLC6.875% 05/15/20430.1%
Renewable Energy Group Inc5.875% 06/01/20280.1%
Brookfield Residential Properties, Inc. / Brookfie4.875% 02/15/20300.1%
United Airlines Inc4.625% 04/15/20290.1%
NCL Corp Ltd3.625% 12/15/20240.1%
Cable One Inc4.000% 11/15/20300.1%
Vedanta Resources Finance II PLC8.950% 03/11/20250.1%
Presidio Holdings Inc4.875% 02/01/20270.1%
Summer BC Holdco A Sarl9.250% 10/31/20270.1%
Arconic Corp6.125% 02/15/20280.1%
Veritas US Inc / Veritas Bermuda Ltd7.500% 09/01/20250.1%
Radiate Holdco LLC / Radiate Finance Inc4.500% 09/15/20260.1%
CSN Resources SA4.625% 06/10/20310.1%
Energy Transfer LP6.500% 11/15/21990.1%
Group 1 Automotive Inc4.000% 08/15/20280.1%
Energy Acquisition LP (aka Electrical Components International)4.349% 06/26/20250.1%
Century Aluminum Co7.500% 04/01/20280.1%
Hughes Satellite Systems Corp5.250% 08/01/20260.1%
Midas OpCo Holdings LLC5.625% 08/15/20290.1%
EPR Properties3.750% 08/15/20290.1%
Prime Security Services Borrower LLC / Prime Finan3.375% 08/31/20270.1%
LendingClub Corp0.000% -0.1%
Uber Technologies Inc6.250% 01/15/20280.1%
Peninsula Pacific Entertainment LLC / Peninsula Pa8.500% 11/15/20270.1%
Western Digital Corp4.750% 02/15/20260.1%
Torrid LLC6.250% 05/21/20280.1%
Calpine Corp4.625% 02/01/20290.1%
Plains All American Pipeline L.P.6.125% 12/31/20990.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
Signature Bank/New York NY0.000% -0.1%
Tempur Sealy International Inc4.000% 04/15/20290.1%
FX USD/EUR 09/210.000% 09/10/20210.1%
Nabors Industries Inc5.750% 02/01/20250.1%
Everbridge Inc0.125% 12/15/20240.1%
WP CPP Holdings, LLC4.750% 04/30/20250.1%
Elastic NV4.125% 07/15/20290.1%
CSC Holdings LLC5.750% 01/15/20300.1%
Calpine Corp5.000% 02/01/20310.1%
Talen Energy Supply LLC6.500% 06/01/20250.1%
Compass Group Diversified Holdings LLC5.250% 04/15/20290.1%
Oceaneering International Inc4.650% 11/15/20240.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 04/01/20290.1%
Illumina Inc0.000% 08/15/20230.1%
Chart Industries Inc1.000% 11/15/20240.1%
Crocs Inc4.125% 08/15/20310.1%
DocuSign Inc0.000% -0.1%
Zayo Group Holdings Inc6.125% 03/01/20280.1%
ZoomInfo Technologies LLC/ZoomInfo Finance Corp3.875% 02/01/20290.1%
Centene Corp2.625% 08/01/20310.1%
Valvoline Inc4.250% 02/15/20300.1%
USIC Holdings, Inc.7.250% 05/07/20290.1%
VTR Finance NV6.375% 07/15/20280.1%
Datadog Inc0.125% 06/15/20250.1%
Central Garden & Pet Co4.125% 10/15/20300.1%
Goodyear Tire & Rubber Co/The4.875% 03/15/20270.1%
Delek Logistics Partners LP / Delek Logistics Fina7.125% 06/01/20280.1%
Avaya Inc6.125% 09/15/20280.1%
Old Dominion Freight Line Inc0.000% -0.1%
SunCoke Energy Inc4.875% 06/30/20290.1%
Nationstar Mortgage Holdings Inc5.500% 08/15/20280.1%
LCM Investments Holdings II LLC4.875% 05/01/20290.1%
NESCO Holdings II Inc5.500% 04/15/20290.1%
SkyMiles IP Ltd4.750% 09/16/20270.1%
Stevens Holding Co Inc6.125% 10/01/20260.1%
Shockwave Medical Inc0.000% -0.1%
ATS Automation Tooling Systems, Inc.4.125% 12/15/20280.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
Tapestry Inc4.125% 07/15/20270.1%
PBF Holding Co LLC / PBF Finance Corp9.250% 05/15/20250.1%
Antero Midstream Partners LP / Antero Midstream Fi5.375% 06/15/20290.1%
Shopify Inc0.125% 11/01/20250.1%
Edwards Lifesciences Corp0.000% -0.1%
Allfunds Group Plc0.000% -0.1%
Oasis Petroleum Inc6.375% 06/01/20260.1%
CEC Entertainment LLC6.750% 05/01/20260.1%
Aegion Corp5.500% 04/01/20280.1%
Atkore Inc4.250% 06/01/20310.1%
United Rentals North America Inc4.000% 07/15/20300.1%
Ingles Markets Inc4.000% 06/15/20310.1%
RBC Bearings Inc0.000% -0.1%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.1%
Cleveland-Cliffs Inc4.625% 03/01/20290.1%
Real Hero Merger Sub 2 Inc6.250% 02/01/20290.1%
Revlon, Inc. Class A1.417% 06/30/20250.1%
Lamar Media Corp4.875% 01/15/20290.1%
Pool Corp0.000% -0.1%
Synaptics Inc4.000% 06/15/20290.1%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.1%
Livent Corp4.125% 07/15/20250.1%
Metis Merger Sub LLC6.500% 05/15/20290.1%
Twitter Inc0.250% 06/15/20240.1%
United Rentals Inc0.000% -0.1%
Churchill Downs Inc0.000% -0.1%
Clean Harbors Inc0.000% -0.1%
First Republic Bank/CA0.000% -0.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
Lithia Motors Inc4.625% 12/15/20270.1%
Lululemon Athletica Inc0.000% -0.1%
ADLER Group SA2.250% 01/14/20290.1%
Hilton Grand Vacations Borrower Escrow LLC / Hilto5.000% 06/01/20290.1%
SeaWorld Parks & Entertainment Inc5.250% 08/15/20290.1%
Howmet Aerospace Inc3.000% 01/15/20290.1%
Aircastle Ltd5.250% 09/15/21990.1%
Horizon Therapeutics Plc0.000% -0.1%
Cinemark USA Inc5.250% 07/15/20280.1%
Cyxtera DC Holdings, Inc. (fka Colorado Buyer Inc.)4.000% 05/01/20240.1%
Asp Ls Acquisition Corp5.250% 04/30/20280.1%
Snap Inc0.750% 08/01/20260.1%
Western Midstream Operating LP6.500% 02/01/20500.1%
Melissa & Doug5.435% 06/19/20240.1%
Frontier Communications Holdings LLC6.750% 05/01/20290.1%
Bombardier Inc6.000% 02/15/20280.1%
Range Resources Corp0.000% -0.1%
ROBLOX Corp0.000% -0.1%
Precision Drilling Corp6.875% 01/15/20290.1%
AHP Health Partners Inc5.750% 07/15/20290.1%
Legacy LifePoint Health LLC4.375% 02/15/20270.1%
Targa Resources Partners LP / Targa Resources Part4.875% 02/01/20310.1%
Veeva Systems Inc0.000% -0.1%
Everi Holdings Inc5.000% 07/15/20290.1%
Amsted Industries Inc4.625% 05/15/20300.1%
Spring Education Group, Inc.4.397% 07/30/20250.1%
Element Solutions Inc3.875% 09/01/20280.1%
NMG Holding Co Inc / Neiman Marcus Group LLC7.125% 04/01/20260.1%
DoorDash Inc0.000% -0.1%
BK LC Lux Finco1 Sarl5.250% 04/30/20290.1%
Clearway Energy Operating LLC4.750% 03/15/20280.1%
YETI Holdings Inc0.000% -0.1%
Nexa Resources SA5.375% 05/04/20270.1%
Tradeweb Markets Inc0.000% -0.1%
Wolverine World Wide Inc4.000% 08/15/20290.1%
Illuminate Buyer LLC / Illuminate Holdings IV Inc9.000% 07/01/20280.1%
ModivCare Escrow Issuer Inc5.000% 10/01/20290.1%
General Electric Co3.514% 06/15/21990.1%
Leeward Renewable Energy Operations LLC4.250% 07/01/20290.1%
Sovos Brands Intermediate5.000% 06/02/20280.1%
Vivion Investments Sarl3.000% 08/08/20240.1%
StoneCo Ltd3.950% 06/16/20280.1%
MasTec Inc4.500% 08/15/20280.1%
Nemak SAB de CV3.625% 06/28/20310.1%
Trex Co Inc0.000% -0.1%
City Football Group Ltd4.000% 07/08/20280.1%
Radiate Holdco LLC / Radiate Finance Inc6.500% 09/15/20280.1%
SAN Miguel Industrias Pet SA / NG PET R&P Latin Am3.500% 08/02/20280.1%
TTM Technologies Inc4.000% 03/01/20290.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
NRG Energy Inc5.250% 06/15/20290.1%
Shift4 Payments LLC / Shift4 Payments Finance Sub4.625% 11/01/20260.1%
Great Lakes Dredge & Dock Corp.5.250% 06/01/20290.1%
Pathway Vet Alliance LLC3.835% 03/31/20270.1%
VOC Escrow Ltd5.000% 02/15/20280.1%
Darling Ingredients Inc0.000% -0.1%
CSN Inova Ventures6.750% 01/28/20280.1%
Outfront Media Capital LLC / Outfront Media Capita4.250% 01/15/20290.1%
PTC Inc4.000% 02/15/20280.1%
AMC Networks Inc4.250% 02/15/20290.1%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.1%
Coty Inc6.500% 04/15/20260.1%
Vertical Holdco GmbH7.625% 07/15/20280.1%
Legends Hospitality Holding Co LLC / Legends Hospi5.000% 02/01/20260.1%
Scientific Games Corp0.000% -0.1%
Jazz Securities DAC4.375% 01/15/20290.1%
Nordstrom Inc4.375% 04/01/20300.1%
Playtika Holding Corp4.250% 03/15/20290.1%
Rede D'or Finance Sarl4.950% 01/17/20280.1%
Tanger Properties LP3.875% 07/15/20270.1%
NRG Energy Inc5.750% 01/15/20280.1%
SierraCol Energy Andina LLC6.000% 06/15/20280.1%
Triton Water Holdings Inc6.250% 04/01/20290.1%
Kaiser Aluminum Corp4.625% 03/01/20280.1%
White Cap Buyer LLC6.875% 10/15/20280.1%
EnerSys4.375% 12/15/20270.1%
GrubHub Holdings Inc5.500% 07/01/20270.1%
APi Group DE Inc4.125% 07/15/20290.1%
Esdec Solar Group Bv5.750% 08/23/20280.1%
AppLovin Corp0.000% -0.1%
Spectacle Gary Holding11.000% 10/17/20240.1%
Deckers Outdoor Corp0.000% -0.1%
Domino's Pizza Inc0.000% -0.1%
Installed Building Products Inc5.750% 02/01/20280.1%
Brundage-Bone Concrete Pumping Holdings Inc6.000% 02/01/20260.1%
Traeger Inc0.000% -0.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Forestar Group Inc3.850% 05/15/20260.1%
Silgan Holdings Inc4.125% 02/01/20280.1%
Castle US Holding Corp9.500% 02/15/20280.1%
Antero Midstream Partners LP / Antero Midstream Fi7.875% 05/15/20260.1%
United Group BV3.625% 02/15/20280.1%
XHR LP4.875% 06/01/20290.1%
Palmer Square CLO 2021-2 Ltd3.006% 07/15/20340.1%
Ford Motor Credit Co LLC4.000% 11/13/20300.1%
Cinemark USA, Inc.1.840% 03/31/20250.1%
Allied Universal Holdco LLC/Allied Universal Finan4.625% 06/01/20280.1%
Ladder Capital Finance Holdings LLC/Ladder Capital4.750% 06/15/20290.1%
Merlin Entertainments Ltd5.750% 06/15/20260.1%
CCM Merger Inc6.375% 05/01/20260.1%
ASR Media and Sponsorship SpA5.125% 08/01/20240.1%
Carvana Co4.875% 09/01/20290.1%
PRA Group Inc7.375% 09/01/20250.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
Freeport-McMoRan Inc4.375% 08/01/20280.1%
Charles River Laboratories International, Inc.4.250% 05/01/20280.1%
USA Compression Partners LP / USA Compression Fina6.875% 09/01/20270.1%
Tenneco Inc5.125% 04/15/20290.1%
Arena Luxembourg Finance Sarl1.875% 02/01/20280.1%
Kraft Heinz Foods Co5.000% 06/04/20420.1%
GrafTech Finance Inc4.625% 12/15/20280.1%
Howard Hughes Corp/The5.375% 08/01/20280.1%
Novelis Corp3.875% 08/15/20310.1%
Grab Holdings Inc5.500% 01/14/20260.1%
Nationstar Mortgage Holdings Inc5.125% 12/15/20300.1%
Air Canada3.875% 08/15/20260.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Gibson Brands, Inc0.000% -0.1%
Coty Inc5.000% 04/15/20260.1%
Cedar Fair LP5.250% 07/15/20290.1%
Engineered Components and Systems, LLC6.500% 07/07/20280.1%
Transportes Aereos Portugueses SA5.625% 12/02/20240.1%
Arches Buyer Inc6.125% 12/01/20280.1%
Raptor Acquisition Corp / Raptor Co-Issuer LLC4.875% 11/01/20260.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.625% 03/01/20290.1%
Boyd Gaming Corp4.750% 06/15/20310.1%
Arcor SAIC6.000% 07/06/20230.1%
NCL Finance Ltd6.125% 03/15/20280.1%
Doncasters US Finance LLC (Doncasters US LLC)0.500% 03/31/20250.1%
Goldstory SASU5.375% 03/01/20260.1%
Murphy Oil USA Inc3.750% 02/15/20310.1%
Boyne USA Inc4.750% 05/15/20290.1%
Cablevision Lightpath LLC3.875% 09/15/20270.1%
Kennedy-Wilson Inc4.750% 03/01/20290.1%
Diamond Sports Group LLC / Diamond Sports Finance6.625% 08/15/20270.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
Horizon Therapeutics USA Inc5.500% 08/01/20270.1%
Williams Scotsman International Inc4.625% 08/15/20280.1%
Carvana Co5.875% 10/01/20280.1%
Novelis Sheet Ingot GmbH3.375% 04/15/20290.1%
Macy's Retail Holdings LLC4.500% 12/15/20340.1%
Centene Corp2.450% 07/15/20280.1%
JBS USA LUX SA / JBS USA Finance Inc6.750% 02/15/20280.1%
Cablevision Lightpath LLC5.625% 09/15/20280.1%
Netflix Inc3.875% 11/15/20290.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
Venture Global Calcasieu Pass LLC3.875% 08/15/20290.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Occidental Petroleum Corp4.400% 08/15/20490.1%
Howard Hughes Corp/The4.125% 02/01/20290.1%
Callon Petroleum Co6.125% 10/01/20240.1%
Howard Hughes Corp/The4.375% 02/01/20310.1%
Elwood Energy LLC8.159% 07/05/20260.1%
Viking Cruises Ltd13.000% 05/15/20250.1%
Dana Inc5.625% 06/15/20280.1%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.1%
United Airlines Inc4.375% 04/15/20260.1%
Occidental Petroleum Corp7.500% 05/01/20310.1%
PCF GmbH4.750% 04/15/20260.1%
Antero Resources Corp8.375% 07/15/20260.1%
IPD 3 BV5.500% 12/01/20250.1%
Great Wolf Trust 2019-WOLF3.227% 12/15/20360.1%
Builders FirstSource Inc4.250% 02/01/20320.1%
J.P. Morgan Chase Commercial Mortgage Securities T4.143% 10/05/20310.1%
Claire's Stores, Inc.6.760% 12/18/20260.1%
IPD 3 BV5.500% 12/01/20250.1%
BCPE Empire Holdings Inc7.625% 05/01/20270.1%
Callon Petroleum Co8.000% 08/01/20280.1%
Royal Caribbean Cruises Ltd11.500% 06/01/20250.1%
Doncasters US Finance LLC (Doncasters US LLC)8.500% 03/31/20240.1%
RP Escrow Issuer LLC5.250% 12/15/20250.0%
Kennedy-Wilson Inc5.000% 03/01/20310.0%
MSCI Inc3.250% 08/15/20330.0%
Summer BC Bidco B LLC5.500% 10/31/20260.0%
Rent-A-Center Inc4.750% 02/04/20280.0%
PCF GmbH4.750% 04/15/20260.0%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.0%
Commercial Barge Line0.000% -0.0%
Jaguar Land Rover Automotive plc5.875% 01/15/20280.0%
PetVet Care Centers, LLC4.250% 02/14/20250.0%
Goldstory SASU5.375% 03/01/20260.0%
Transportes Aereos Portugueses SA5.625% 12/02/20240.0%
FX USD/GBP 09/210.000% 09/08/20210.0%
Peabody Energy Corp6.375% 03/31/20250.0%
Commercial Barge Line0.000% -0.0%
UTEX Industries0.000% -0.0%
Engineered Components and Systems, LLC0.000% 07/07/20280.0%
PetVet Care Centers, LLC3.685% 02/14/20250.0%
Atlas Cc Acquisition Corp5.000% 04/29/20280.0%
Claire's Stores, Inc.0.000% -0.0%
J Crew Group Inc.11.000% 09/10/20270.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Frontera Generation Hold16.250% 06/30/20260.0%
Britax Childcare0.000% 01/09/20250.0%
UC Holdings0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Staples Inc7.500% 04/15/20260.0%
Transocean Proteus Ltd6.250% 12/01/20240.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
J Crew Group Inc.0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
WMG Acquisition Corp3.000% 02/15/20310.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Joseph T Ryerson & Son Inc8.500% 08/01/20280.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Frontera Generation Hold3.750% 06/30/20280.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Barge Line0.000% -0.0%
Spectacle Gary Holding11.000% 11/07/20250.0%
Hertz Corp/The0.000% 01/15/20280.0%
J Crew Group Inc.0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
UTEX Industries5.250% 11/01/20240.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
UTEX Industries8.500% 11/01/20240.0%
TNT Crane and Rigging0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Sunshine Finance Merger5.000% 12/16/20270.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Frontera Generation Hold0.000% -0.0%
FGI Operating Company, LLC5.944% 05/15/20220.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
FX USD/GBP 09/210.000% 09/08/20210.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Revlon, Inc. Class A0.000% -0.0%
Sable Permian Resources - Warrants0.000% -0.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
TNT Crane and Rigging0.000% -0.0%
Penson Technologies LLC0.000% -0.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/GBP 09/210.000% 09/08/20210.0%
FX GBP/USD 09/210.000% 09/08/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
Dutch Lion BV11.250% 06/15/20230.0%
EURO-BUND FUTURE DEC210.000% 12/10/20210.0%
Gray Television, Inc.0.000% 05/03/20220.0%
Medline Industries Inc0.000% 08/04/20220.0%
Medline Industries Inc0.000% 08/04/20220.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Britax Childcare0.000% -0.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
Unifrax I LLC0.000% 08/12/20220.0%
Unifrax I LLC0.000% 08/12/20220.0%
US 10YR ULTRA FUT DEC210.000% 12/31/20210.0%
US 2YR NOTE (CBT) DEC210.000% 01/05/20220.0%
US LONG BOND(CBT) DEC210.000% 12/31/20210.0%
US ULTRA BOND CBT DEC210.000% 12/31/20210.0%
Washington Mutual Bank / Debt not acquired by JPMo6.875% 06/15/20110.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
US 10YR NOTE (CBT)DEC210.000% 12/31/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
FX USD/EUR 09/210.000% 09/10/20210.0%
US 5YR NOTE (CBT) DEC210.000% 01/05/20220.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX EUR/USD 09/210.000% 09/10/20210.0%
FX GBP/USD 09/210.000% 09/08/20210.0%
Credit Index Swap1.000% 06/20/2026-0.1%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 09/30/2021

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp0.8%
Banking arrowUp0.1%
Consumer Goods arrowDown0.5%
Insurance arrowDown0.1%
Real Estate arrowUp0.3%
Utility arrowDown0.5%
Capital Goods arrowUp0.6%
Services arrowUp0.4%
Media arrowDown0.8%
Healthcare arrowUp0.1%
Telecommunications arrowUp0.3%
Basic Industry arrowUp0.7%
Other arrowUp0.3%
Retail arrowUp0.7%
Leisure arrowDown0.8%
Transportation arrowUp0.7%
Technology & Electronics arrowDown1.5%
Automotive arrowDown0.5%
Financial Services arrowDown0.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 10/22/2021
$0.266
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2021 $0.02907 $7.56
Daily Daily 08/31/2021 $0.02925 $7.59
Daily Daily 07/31/2021 $0.02966 $7.58
Daily Daily 06/30/2021 $0.03061 $7.60
Daily Daily 05/31/2021 $0.03014 $7.52
Daily Daily 04/30/2021 $0.03002 $7.52
Daily Daily 03/31/2021 $0.02922 $7.46
Daily Daily 02/28/2021 $0.02943 $7.50
Daily Daily 01/31/2021 $0.02910 $7.44

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.44
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/16/2021 12/17/2021

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/22/2021

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.73
$100,000 to $249,999 1.75% 1.50% $7.69
$250,000 to $499,999 1.25% 1.00% $7.66
$500,000 to $999,999 0.00% 1.00% $7.56
$1,000,000 to $5,000,000 0.00% 1.00% $7.56

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

Expense Ratioas of 09/30/2021

Fund Documents

Fund Documents

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*Barron’s Overall Fund Family of 2020,” #7 overall ranking among 53 qualifying fund families based on the net total return of the one-year period ending 12/31/2020. Five-year overall ranking is #4 out of 50 qualifying fund families; and 10-year overall ranking is #21 out of 44 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2020,” February 20, 2021. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2020, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2021. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

Select funds to run a Morningstar Hypothetical Report.

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